Bitcoin and stocks of US tech companies, including Tesla, are currently the biggest speculative bubbles on the market, say professional investors interviewed by Deutsche Bank. Meanwhile, the BTC rate has fallen by almost 8% since yesterday. Currently, Bitcoin is around $ 34,222.
Bitcoin tops the bubble list
Despite the fact that the largest cryptocurrency in the world has not managed to return to gains, most analysts are "bullish" minded. Professional investors, however, do not share their enthusiasm. At least that's what a recent study by Deutsche Bank shows.
The vast majority of respondents - almost 90% - stated that some financial markets are in the bubble phase. In their opinion, the biggest bubbles were in the cryptocurrency and stocks of US tech companies. Bitcoin topped the list.
On a scale of 0 to 10, where 0 means "no bubble" and 10 "extreme bubble", as many as 50% of respondents gave Bitcoin the maximum possible rating: 10. Only 8% rated the cryptocurrency at 5 or lower. Its average rating was 8.7, which is the highest rating of all assets.
By comparison, the stocks of US tech companies, which were ranked as the second-largest bubble, averaged 7.9.
Bitcoin's price is likely to fall within the year
The Deutsche Bank study also shows that Bitcoin and Tesla are more likely to decline than increase over the next year. "Most respondents believe that their prices are more likely to fall by half than to double from current levels," the report said.
As you can see in the image below, around 56% of investors believe that Bitcoin's price is more likely to halve than it will double in the next 12 months. Only 25% believe the opposite will be the case - meaning that its price could go up to around $ 70,000.
BTC down 8%
At the time of publication of the article, Bitcoin costs approximately $ 34,427 (see the current price here).
This means a decrease by more than 7% in the last 24 hours. On a weekly basis, the cryptocurrency is also in the red, around 1%.